Bill C-38
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Appeals |
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Appeal to
Federal Court
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977. (1) An appeal lies to the Federal Court
from any direction of the Minister made under
subsection 402(1) or 915(1) .
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Powers
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(2) The Federal Court may, in an appeal
under subsection (1),
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Certificate
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(3) For the purposes of an appeal under
subsection (1), the Minister shall, at the
request of the bank, bank holding company or
person making the appeal, provide the bank,
bank holding company or person with a
certificate in writing setting out the direction
or decision appealed from and the reasons why
the direction or decision was made.
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Regulations |
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Power to
make
regulations
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978. The Governor in Council may make
regulations
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Delegation |
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Delegation
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979. The Minister may delegate any of the
Minister's powers, duties and functions under
this Act to any Minister of State appointed
under the Ministries and Ministers of State Act
to assist the Minister.
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PART XVII |
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SANCTIONS |
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Offence
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980. Every person who, without reasonable
cause, contravenes any provision of this Act or
the regulations is guilty of an offence.
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Undue
preference to
creditor
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981. Every director, officer or employee of
a bank or an authorized foreign bank who
wilfully gives or concurs in giving to any
creditor of the bank or authorized foreign bank
any fraudulent, undue or unfair preference
over other creditors, by giving security to the
creditor, by changing the nature of the
creditor's claim or otherwise, is guilty of an
offence.
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Failure to
provide
information
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982. Every person who, without reasonable
cause, refuses or fails to comply with a
requirement made under paragraph 643(2)(b)
or 957(2)(b) is guilty of an offence.
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Use of name
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983. (1) Except to the extent permitted by
the regulations, every person who uses the
name of a bank or of a bank holding company
in a prospectus, offering memorandum,
takeover bid circular, advertisement for a
transaction related to securities or in any other
document in connection with a transaction
related to securities is guilty of an offence.
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Unauthorized
use of title
``bank'', etc.
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(2) Subject to subsections (4) to (6) and (10)
to (12), every entity that acquires, adopts or
retains a name that, in any language, includes
the word ``bank'', ``banker'' or ``banking'',
either alone or in combination with other
words, or any word or words of import
equivalent thereto, and every person who, in
any language, uses the word ``bank'',
``banker'' or ``banking'', either alone or in
combination with other words, or any word or
words of import equivalent thereto, to indicate
or describe a business in Canada or any part of
a business in Canada, without being
authorized to do so by this Act or any other Act
of Parliament, is guilty of an offence.
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Unauthorized
use of the
name of a
bank holding
company
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(3) Subject to subsections (7), (8) and (9),
every entity that acquires, adopts or retains, in
any language, the name of a bank holding
company and every person who, in any
language, uses the name of a bank holding
company to indicate or describe a business in
Canada or any part of a business in Canada,
without being authorized to do so by this Act
or any other Act of Parliament, is guilty of an
offence.
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Permitted use
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(4) No person commits an offence who uses
the word ``bank'', ``banker'' or ``banking''
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Permitted use
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(5) No subsidiary of a bank commits an
offence by reason only that it uses the name of
the bank of which it is a subsidiary in its
corporate name or a name under which it
carries on business or by reason only that it
uses any identifying mark, logogram or
insignia of that bank in carrying on its
business.
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Permitted use
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(6) No financial institution that was
controlled by a bank on June 25, 1999 and that
had a name that included the word ``bank'',
``banker'' or ``banking'' on that day commits
an offence by reason only that it uses that word
in its name or in a name under which it carries
on business if the financial institution is a
subsidiary of a bank holding company that
controls the bank.
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Permitted use
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(7) No subsidiary of a bank holding
company commits an offence by reason only
that it uses the name of the bank holding
company in the subsidiary's corporate name
or in a name under which it carries on
business, so long as, if the subsidiary is not a
bank or a subsidiary of the bank, it does not use
the word ``bank'', ``banker'' or banking'' in its
corporate name or in a name under which it
carries on business.
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Permitted use
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(8) No subsidiary of a bank holding
company commits an offence by reason only
that it uses any identifying mark, logogram or
insignia of the bank holding company in
carrying on the subsidiary's business, so long
as, if the subsidiary is not a bank or a
subsidiary of the bank, it does not use any
identifying mark, logogram or insignia that
includes the word ``bank'', ``banker'' or
banking''.
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Permitted use
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(9) No subsidiary of a bank holding
company commits an offence by reason only
that it uses the name of the bank holding
company in a description of its corporate
relationship to the bank holding company.
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Permitted use
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(10) No Canadian entity that is an entity
associated with a foreign bank within the
meaning of subsection 507(1) commits an
offence by reason only that it uses
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so long as it does not use, in any language, the
word ``bank'', ``banker'' or ``banking''.
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Permitted use
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(11) Subject to subsection (12), no foreign
bank that carries on a business or activity
referred to in subsection 513(2) or section
515.2, 517.1 or 518.1 and no entity
incorporated or formed by or under the laws of
a country other than Canada that carries on a
business or activity referred to in any of those
provisions and that is an entity associated with
a foreign bank within the meaning of
subsection 507(1) commits an offence by
reason only that it uses
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so long as it does not use, in any language, the
word ``bank'', ``banker'' or ``banking''.
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Permitted use
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(12) A foreign bank referred to in
subsection (11) may use the word ``bank'',
``banker'' or ``banking'' in prescribed
circumstances if it does so in accordance with
prescribed terms and conditions.
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Deemed use
of ``bank'',
etc.
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(13) For the purposes of this section, the
following are deemed to be a use of the word
``bank'', ``banker'' or ``banking``:
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Deeming
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(14) For the purposes of Part, the use of the
name of a bank holding company is deemed to
include the use of any identifying mark,
logogram, insignia or name of the bank
holding company or a name substantially
similar to any such name.
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Regulations
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(15) The Governor in Council may make
regulations for the purposes of paragraph
(4)(a), (f), (g) or (h).
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Making false
statements
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984. (1) Every person is guilty of an offence
who wilfully makes a false statement
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Wilfully
disposing of
or
withholding
goods covered
by security
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(2) Every person is guilty of an offence who,
having possession or control of property
mentioned in or covered by a warehouse
receipt, bill of lading or any security given to
a bank under section 426 or 427 or to an
authorized foreign bank under either of those
sections as incorporated by section 555, and
having knowledge of the receipt, bill of lading
or security, without the consent of the bank or
authorized foreign bank in writing before the
loan, advance, debt or liability secured by it
has been fully paid
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Non- compliance with requirements for sale
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(3) If a debt or liability to a bank or
authorized foreign bank is secured by a
warehouse receipt or bill of lading or security
on property given to a bank under section 426
or 427 or to an authorized foreign bank under
either of those sections as incorporated by
section 555 and is not paid, the bank or
authorized foreign bank is guilty of an offence
if it sells the property covered by the
warehouse receipt, bill of lading or security
under the power of sale conferred on it by this
Act without complying with the provisions of
this Act applicable to the exercise of the power
of sale.
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Acquisition of
warehouse
receipts, bills
of lading, etc.
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(4) Every bank or authorized foreign bank
that acquires or holds a warehouse receipt or
bill of lading or a document signed and
delivered to it giving or purporting to give to
the bank security on property under section
426 or 427, or to give the authorized foreign
bank security or property under either of those
sections as incorporated by section 555, to
secure the payment of any debt, liability, loan
or advance, is guilty of an offence unless
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Definitions
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(5) For the purposes of this section, the
expressions ``warehouse receipt'' and ``bill of
lading'' have the meaning assigned to those
expressions by section 425.
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Punishment
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985. (1) Every person who is guilty of an
offence under any of sections 980 to 984 is
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Order to
comply
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(2) If a person has been convicted of an
offence under this Act, the court may, in
addition to any punishment it may otherwise
impose, order the person to comply with the
provisions of this Act or the regulations in
respect of which the person was convicted.
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Additional
fine
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(3) If a person has been convicted of an
offence under this Act, the court may, if it is
satisfied that as a result of the commission of
the offence the convicted person acquired any
monetary benefits or that monetary benefits
accrued to the convicted person or to the
spouse or other dependant of the convicted
person, order the convicted person to pay,
notwithstanding the maximum amount of any
fine that may otherwise be imposed under this
Act, an additional fine in an amount equal to
the court's estimation of the amount of those
monetary benefits.
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Liability of
officers,
directors, etc.
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986. If an entity commits an offence under
this Act, any officer, director, agent or
principal officer of the entity who directed,
authorized, assented to, acquiesced in or
participated in the commission of the offence
is a party to and guilty of the offence and liable
on summary conviction or on conviction on
indictment to the punishment provided under
paragraph 985 (1)(a) for the offence, whether
or not the entity has been prosecuted or
convicted.
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Limitation
period
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987. (1) Proceedings by way of summary
conviction in respect of an offence under a
provision of this Act may be commenced at
any time within, but not later than, two years
after the day on which the subject-matter of
the proceedings became known, in the case of
an offence under a consumer provision, to the
Commissioner and, in any other case, to the
Superintendent.
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